Nvidia reported fourth-quarter net income of $1.41 billion, or 57 cents a share, compared with $3 billion, or $1.18 a share, in the year-ago period. $NVDA jumped in late trading, as the company projected stronger revenue than Wall Street expected:
Nvidia Corp. shares jumped in after-hours trading Wednesday, as the graphics-chip specialist sold more gaming chips and projected stronger revenue than Wall Street was expecting, suggesting an inventory glut may be clearing.
Analysts surveyed by FactSet had forecast 81 cents a share on revenue of $6.02 billion. Shares jumped more than 7% after hours, following a 0.5% gain in the regular session to $207.54. “Our research … illustrates expectations for a 3% decline in spending from the top seven cloud-service providers, in aggregate, in 2023. This downtick follows roughly 33% growth in 2022 and 26% growth in 2021,” Stifel analysts wrote in a preview of the report this week. “While we expect AI-focused investments to remain a priority and potentially escalate as competition heats up, we remain wary of expectations for significant slowing in overall data-center capex spending in 2023.
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